NEW YORK, NY – Fairstead and Invesco Real Estate have acquired 1,904 affordable units, spanning 2.3 million square feet, in the Bronx. The transaction represents the largest deal of its kind in New York in 2021, by both portfolio size and investment size.
The portfolio encompasses 48 buildings in the Bronx neighborhoods of Longwood, Tremont, Crotona Park and Morrisania. The properties include a mix of five-story and six-story, existing and newly-constructed buildings. Some of the buildings feature ground-floor retail space.
All of the units are operated under a regulatory agreement, serving residents that earn between 30% and 100% of the area median income.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
